Alkami (ALKT) investor relations material

Executive summary

• Q2 2026 revenue reached $129.8M, up 15.9% year-over-year, driven by new clients, user growth, and ARPU expansion, with ARR up 21% to $511.7M–$512M and adjusted EBITDA rising to $19.4M, reflecting operational scale and efficiency.

• Registered users increased 13% to 23.6M, with 2.7M added year-over-year and five new digital banking relationships signed.

• Net loss narrowed to $8.9M from $13.6M year-over-year, reflecting improved operational leverage.

• Expansion within the client base is driving future growth, with clients adopting more products and higher ARPU at launch.

• Significant progress toward five-year goals: $500M+ revenue and $100M adjusted EBITDA, now targeted for 2026.

Financial highlights

• Q2 2026 revenue was $129.8M, up 15.9% year-over-year; subscription revenue grew 16.2% and represented 94.7%–95% of total revenue.

• ARR increased 21% to $511.7M–$512M, surpassing the $500M milestone.

• Adjusted EBITDA was $19.4M (14.9% margin), up from $11.9M a year ago.

• GAAP gross margin was 56.8% (down from 58.6%); non-GAAP gross margin was 63.0% (down from 65.1%).

• Revenue per user rose to $21.69, up 7% year-over-year.

Outlook and guidance

• Q3 2026 revenue expected at $132.7M–$134.2M; adjusted EBITDA $23.5M–$24.3M.

• Full-year 2026 revenue guided to $528M–$531M; adjusted EBITDA $96M–$98M.

• Margin expansion of ~500 basis points expected for the year, with back half adjusted EBITDA margin above 19%.

• Long-term model targets Rule of 45 by 2030, with non-GAAP gross margin approaching 70%.

• Stock-based compensation expected to be less than 14% of revenue for 2026.